Oil Price Hangover Sends CAC Down

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Indices around Europe are suffering a correction today following the euphoria of positivity following yesterday’s OPEC supply reduction agreement and the subsequent 8% oil price surge. In line with the general trend, the CAC 40 is down in Paris today, registering a 0.57% loss as we head into the afternoon hours.

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The day’s biggest faller so far is water and waste company Veolia Environnement, down almost 3% with a 2.91% loss. Building materials manufacturer Lafargeholcim is also down with a 2.14% drop wiping out the majority of the gain’s the stock saw yesterday. Consumer goods companies are not having the best of days either and Danone (-1.79%), L’Oreal (-1.43%) and distilled beverages and mineral water company Pernod Ricard (-1.57%) all down.

Elsewhere, pharmaceuticals company Sanofi is down 1.51% and retailer Carrefour 1.63%. Nokia, which makes telecommunications equipment and is set to re-enter the smartphone market has dropped by 0.98% and mobile networks operator Orange by 0.51%. Total and Technip, both connected to the oil industry, the former as an integrated oil and gas company and the latter a project manager and engineer to the energy industry have both seen corrections following significant gains yesterday and are down 0.83% and 0.21% respectively. However, both are holding onto the lion’s share of yesterday gains.

The day’s biggest gain has been seen by steelmaker ArcelorMittal, which is up 1.35%. The company has been on an upwards curve since announcing in October its return to profit amid a recovery in steel prices. Trading has proven choppy over the past couple of weeks with the company regularly among the CAC’s biggest risers and fallers.

 

 

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